10 percent buy to let mortgages

By Brenna Hughes Neghaiwi and Rupert Pretterklieber ZURICH (Reuters) - Nearly four years after a 1930s telephone switchboard centre was transformed into 18 industrial-style loft apartments in Zurich's Wiedikon neighbourhood it is still not fully occupied. With rent plus utility bills of just over 5,400 Swiss francs per month for a three-bedroom apartment, the development by part of Swiss bank Credit Suisse <CSGN.S> is indicative of a real estate rush which is raising regulatory red flags. A search for yield driven by Switzerland's negative interest rates has driven investors to build up their residential property portfolios and commission new luxury complexes. But although the country's vacancy rates have hit their highest levels in more than two decades, Swiss banks have upped mortgage lending as more investors seek to cash in. This is causing alarm among Swiss authorities who warn banks could be exposed when interest rates rise from the abnormally low levels used by the central … [Read more...] about Holes in Swiss property market ring mortgage alarm bells

LONDON (Reuters) - British house prices edged up last month as widespread falls in London weighed on gains further north, while smaller landlords quit the rental sector due to less favourable tax treatment, a survey showed on Thursday. The Royal Institution of Chartered Surveyors' (RICS) monthly house price balance rose to +4 in July from an upwardly revised +3, in line with economists' forecasts in a Reuters poll. Prices in Scotland, Northern Ireland and most of central and northern England rose, while prices in London fell broadly -- though not as widely as earlier in the year -- and prices in other parts of southern England and in Wales were flat. Property priced at over 1 million pounds ($1.29 million) -- which is common only in London and nearby areas -- was the most likely to see discounts of 10 percent or more on its asking price. Houses advertised for under 500,000 pounds typically sold at or slightly above their asking price. The price trends are similar to those reported by … [Read more...] about UK house prices inch up, buy-to-let investors exit market

DUBLIN (Reuters) - Irish bank permanent tsb (PTSB) <IL0A.I> said on Tuesday it had agreed to sell a portfolio of non-performing loans to Lone Star Fund's Start Mortgages for 1.3 billion euros (1.16 billion pounds), reducing its overall non-performing loans ratio to around 16 percent from 25 percent. The portfolio, known as Project Glas, comprises loans linked to around 10,700 properties, of which around 3,300 are buy-to-let properties and around 7,400 are private dwellings. "Reducing NPLs is a necessary step for us to take to complete the rebuilding of PTSB as a viable, competitive lender," Jeremy Masding, Chief Executive of PTSB, Ireland's third-largest bank, said in a statement. The gross balance sheet value of the loans is around 2.1 billion euros. The disposal will boost PTSB's common equity tier 1 ratio by 2 percent. The average arrears time in the portfolio is 3.5 years and the average arrears value is 28,800 euros. PTSB had planned to sell loans with a balance sheet value … [Read more...] about Ireland’s PTSB agrees to sell bad loans for 1.3 billion euros

By Kathleen Pender Updated 5:00 am PDT, Thursday, July 5, 2018 window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-c', container: 'taboola-interstitial-gallery-thumbnails-4', placement: 'Interstitial Gallery Thumbnails 4', target_type: 'mix' }); _taboola.push({flush: true}); Photo: Liz Moughon / The Chronicle Image 1of/4 CaptionClose Image 1 of 4 Buy photo Adam and Lauren West and their son, Jackson, 7, eat dinner at the home in San Francisco they bought through a down-payment assistance program. Adam and Lauren West and their son, Jackson, 7, eat dinner at the home in San Francisco they bought through a down-payment assistance program. Photo: Liz Moughon / The Chronicle Buy this photo Image 2 of 4 Buy photo Home buyers must repay the city program a portion of any gain in the home’s value … [Read more...] about Enter soon for chance to score $375,000 in SF down-payment lottery

"Ask Brianna" is a column from NerdWallet for 20-somethings or anyone else starting out. I'm here to help you manage your money, find a job and pay off student loans — all the real-world stuff no one taught us how to do in college. Send your questions about postgrad life to [email protected].com. College is over, but you still have to do the kind of math that matters. Like: How am I supposed to save $50,000 for a down payment on a house? If this question sends you into a shame spiral, making you second-guess your career, the city you live in and the jacket you bought yesterday, stop right there. You don't need to save 20 percent of a home's value for a down payment. Yes, it could lead to a cheaper mortgage payment or lower interest rate. But many federal, state and local programs will let you buy a house with less down, or help you pay for the down payment outright. Here are your options — and how to decide what's best for you. FIRST-TIME HOMEBUYER PROGRAMS You may not … [Read more...] about Don’t let a down payment scare you off